SMI Vantage Y45 has signed an offer to rent agreement by its wholly-owned subsidiary SMI CS, allowing the company to set up its Bitcoin mining business in Malaysia’s state of Sarawak, Borneo.
The company will fit out the facility with Bitcoin mining machines housed in containerised shells. The new machines, together with the lower cost of electricity, enables SMI Vantage to mine Bitcoin more cost-effectively, it says in a filing.
SMI Vantage will begin the process of installing the first of its two containerised mining rigs and expects to commence mining Bitcoin in 3Q2023.
The agreement was advised by Sovereign Systemtechnik (Sarawak), with whom a strategic partnership agreement was signed in Sept 2022 to investigate a number of new business opportunities including data centre management, food and beverages as well as other business areas of interest to SMI Vantage.
Shares in SMI Vantage closed at an unchanged 3.5 cents on Sept 14.
